1) The method or way goods and services are produced and consumed within a country a) Supply and Demand b) Economic System c) Consumer d) Surplus (surPLUS) 2) Something that makes or creates something else a) Producer b) Supply c) Traditional Economy d) Good 3) Something that uses something else for themselves a) Traditional Economy b) Demand c) Consumer d) Economic System 4) A physical product that can be bought from a store or person, usually with money a) Free-Market Economy b) Traditional Economy c) Good d) Supply and Demand 5) When someone who provides you with something or helps you accomplish a task, then you pay them a) Producer b) Market Economy c) Service d) Surplus (surPLUS) 6) People decide what to produce & consume based on cultural practices or family needs a) Traditional Economy b) Market Economy c) Consumer d) Supply and Demand 7) The government controls all economic decisions for the country including its price. a) Consumer b) Supply c) Command Economy d) Supply and Demand 8) Businesses produce goods based on the demand of the consumer, without government regulations a) Market Economy b) Globalization c) Traditional Economy d) Free-Market Economy 9) Producers are free to decide what to produce and are free to buy whatever they want. a) Market Economy b) Service c) Demand d) Supply and Demand 10) When the price of a good (product) goes up or down based on its availability. a) Supply and Demand b) Command Economy c) North American Free Trade Agreement (NAFTA) d) Demand 11) The amount of goods available a) Supply b) Traditional Economy c) Producer d) Demand 12) How much people want a good or service. a) Globalization b) Command Economy c) Consumer d) Demand 13) How trade and technology have connected the world by allowing countries to exchange goods more easily. It happens when the economies around the globe interact. a) Consumer b) Free-Market Economy c) Globalization d) North American Free Trade Agreement (NAFTA) 14) A deal between the United States, Canada, and Mexico making it easier for these countries to trade goods without paying extra taxes. a) Supply b) North American Free Trade Agreement (NAFTA) c) Producer d) Globalization 15) When there is TOO MUCH of a product a) Surplus (surPLUS) b) Supply and Demand c) Good d) North American Free Trade Agreement (NAFTA) 16) How does globalization affect our modern world? a) Things are more expensive b) We are able to import goods from, and export goods to, countries worldwide. c) We are only able to export (sell) goods to other countries d) We are only able to import (buy) goods from other countries 17) Why are imported goods so popular in America? a) Imported goods provide consumers (people) with more choices AND lower prices b) Imported goods provide consumers (people) with less choices c) Imported goods provide consumers (people) with more choices AND higher prices d) Imported goods provide consumers (people) with less choices AND lower prices

Economic Systems

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